T BT" V''OTFVf v .J! W' V n-- ay i ' - . y v ' 'ff: vl ',' $ ( 4, Ml 1 4 .. - i FV ..w.iw!l , i i i ' t- j Stock in a long-established ' Philadelphia industry Write for Circular i-A which describes . this issue more fullv. AdVfl THE Philadelphia Insulated Wire Company, is a Pennsylvania corporation succeeding the Alfred P. Mooro Estate. It has been established for about 100 years. Jto business consists of the insula tion of wires and cables of all kinds: i,.t-'S'lt.firrA.ina AanunoUtor 2v.lIS.'Iie,V1J?n. Wire. Cordx an Cubitus .i'i0P?nls.?!t19F,JE.l?vft!or J0a Theatrical Cabl; Special Braided Cord .V!vi5?biyi.Drali.d Multiple Cenauotor .Ctbljti Weather-Froo! Wlrea and Wbr!'oH,PJ.t W,,J' "I1 A"" ,n1 oraldsi Lamp Cord, all lnulatton. Jl"iJt-PrMf Cordajior heating apparatus; Enameled Wire an Taps and Cambric-Wrapped Wlrea and Cable. The annual net earnings before depreciation for the last four years have averaged $13.05 per share. t The personnel of the management will remain unchanged. The management proposes to pay regular dividends at the rate of $6 per share per annum (which at offering price will yield 12) with extra distributions from time to time as, earnings warrant. Price-$50 per share GEOKKENDRICK 3rd tf CO. banker usuMuwrr ST.- , .-, Philadelphia. W HttaiVjr Tork and rhlla dtlphla, Stock Exchanita- Ttlppbtneii Bfll .Spnjw Mil KmtsntBaca 1181 A'cW (Closed) Issue $2,000,000 Thatcher Manufacturing Company Ten-Year 7 Convertible Sinking Fund Mortgage Gold Bonds Dated AprU 1 . 1 920 Due April 1 , 1930 The Company will agree to pay intoreit without deduction for any Federal Income Tax not in exceia of 2fc which, it may lawfully pay at the aource. Penntylvania State Tax of four mills refunded. Stock Purchase Warrants: The Bonds will carry detachable warrants, entitling the holder to purchase Common Stock at $40 per share at the rate of 25 shares of Common Stock for each $ 1 ,000 par value of Bonds, at any time prior to and including April I. 1922. Conversion Privilege: Tta Bonds will be convertible after April 1 , 1922, and until maturity into 8 Cumulative Preferred Stock of the Company, par for par, or when accompanied by warrants into Common Stock at $40 a share at any time after April 1, 1922, and to and including April 1, 1925, and thereafter at $50 a hare, or fn each case'undl their earlier redemption, with adjustment of interest and dividends in respect to Preferred- Stock to date of conversion. The-following information-h summarized from a Idler signed by F. E. Baldwin, Esq., President: c BU8Ute88: The Company, originally incorporated in 1889, has been for years the largest manufacturer of milk bottles in the United States. Its production will be about 90 eo of the total number manufactured in the country. The Company's plants will have a capacity of 150,000,000 milk bottles per year. With the installation of one more, furnace, the annual production of 75,000,000 condiment and other bottles will be increased to , 115,000,000. 'ScCUritf' Secured by a Closed Mortgage upon all the property of the Company and upon all of the Common Stock of the Woodbury Glass Company, , subject only to $149,500 mortgage on a portion of the property which is not callable. Assets: As of December 31, 1919, after reserve for depreciation, not including any' intangible assets and including the Common Stock of the Woodbury Glass Company, net assets were equal to over twice total bonded indebtedness tobe outstanding. Earnings: Net earnings available for Bond Interest for year ended Deecm "" ber 31, 1919, after reserve for depreciation, were over three and three-quarter times annual interest charges on all bonds to be outstanding. It is estimated that earnings for the current year after deducting Federal Taxes and depreciation, and ' ' After' providing for interest and preferred dividend, will equal $8 per share on the Commorl Stock about to be issued. oiftnWjf A graduated annual "Sinking Fund will retire at not exceeding Fund: 105 and accrued interest over half of this issue by maturity. When, era and if issued and received, Price 95 and accrued interest V ' To yield about 7A Trust receipts of- Guaranty Trust Company of Nctu York will ie issued, exchangeable for bonds, when, na and.if xcceived.from the Company '. -. Bonbright & Company Hemphill, Noyes & Co. 437 Cheatnut Street Philadelphia FranUlin Bit. Bldf., Philadelphia Tat aioy Informatfon, vyhlU not uaraned. la dtrlvud' Ir'om aoureea which we rfr4 rallabU, 1 v ' - 1 i - -A V " New York Bonds BALES IN 11000) From P. M. Unllr :15 r. SI. (N. Y. Time) American Axr A. Cham fia i no 1 1 Am C & P In 1 UV, Am Cot Oli da 4.aa . 83 Amer 8mlt' Ret'c 6a i 74 1; A Tel & Tel elt 1 74H ft 74 H A 74 U 1 . . .. 74 i 1 74 U 3 7'i 1 741. A Tel A Tel na I...... 03i 1 94 Am W Tap 7a 4 80'. Ana-French Sa a. 10.... a.... s.... 76.... 30.... 1:::: r.... 20.. . 88 98 1 88 1 0BU 98 1 98 i 88 . 08 , 98 , 98 98 1 as ,08 , 98 , 98 08 U i 98 , 04 , 08 07 tn , 98 07 IS 98 08 08 10 68 1!8 4 S n l 7ft 4 IS Alby Jb S av.a 1 07 Armour 4tta 1 76 At Coaat I, elt 8 8J .ITIS V 4a 1! 70'. 1 71H 8 7Ui 4 .... 71H A T t a r aj 1 04 3... . C4U Bait Ohio cv 1. 'J.. .. 41 4... . 44 1 43K 1.. .. 43V Dt U niy 4 Via l... 00 D Can GUa SI 83Ti 6 96 3...... OAK 7.. .. 07(4 Dom Can '28 1 .... 881, 1 . . 83'.. D of Can '20 l.. .. tmv D at 'Can 81 l.. on Crle IU( cv n 31 3t 4... . 3114 1 . . .12 ' Cent Klto il',1 1. ..AS Oene'l Kite An a . 07'4 1. 07i G't N niy 1st 1... . 74 Hock'g V 4Wa ITuV Man fd z. .-6514 3 . 63 Hud A Man In 1 . , 20 2 . 20 1... . 19i 111 Central fd n .. (mu in . caw t. . aa; til Steel 414 a 1 . . 74". 6.. . 1.11, Irnp J Ov lat 3 .... 70V4 1 78 O'nAVMVn 4a 10 OS-,. 2 65U Pao.O & B ft" a nit 2 74H' rao O ft El r.a 1 74'.. fao T T CI 1 82 Pa nm 4'.4 1; .... t'. 1 7H 1 70 Penna n n B 1 0 82. 10 82K 10. .. 82'i t'enaa TV I 7 1 10 ft 13 12 16 6 Imp ,1 Ov 1 1. 60 i 60 14 2 nn 4 60 1 60 B A Ohio mi 1 80'; Bait tc Ohio 4a l..,. 68 1...,. B8S Bait ts Ohio 6g 2 60 l... 89H 6 60 1 60 Bait A Ohio fli 2 8A 60. 10. 6. 20 . 3. 40 10 1 Imp Inter Met 4tfa 11 .. 1A 1 . 1014 IlVo nap T fd 80 M 811 '. 8AU 88 86 H 86 10. 6. 1. B O P L. K aWVSfit 1..... 63 B O a W'n Ralliray 8tt 8... 60K B U O Tol 4. 6.., 46 Vi 1 4BW Beth Steel fd 8 81 Beth Steel la. 3 00 1 90 Brk Rap T 4a 3 C9 Brk U T't 7 1 38 1 38 Buali Bids 6s 1 74 Cent of Oa 0. 2 M 7 84 7... . 84 Cent Leat'r 6a 3 .. 93 Cent'l Pac lat 1.. .. 05 U Chea A O 4',a 2 TO, C 4. O cv 4i ft 87 5 00l 2 07'i 1 67!i t. ... 074 Chea Si O cv 6t 1 734 1 73'.i 2 73; 7 74 1 7S'.l C Alton 3V4a H 32V4 Cht'o A Alton Char 6a 2 81 Chi U A U 4s 01 7A 70 761. 76 H 764 0 2nd . 74li . 74 1. 74 U . 74". . 74S . 74 . Qv 4a . 60S . 60 U . 60 . 60 . ns; . ns; . 6014 . 68U . 68 n . 68i . 60 - 60 62: 62 V4 63 1,4 63 68 H 63 U .13 i 631.4 03 '4 63 63li 63 Vi 6314 63 61 S8'4 63 i 63 D8i 3 10 .. 12 6 . 6 3 15 6 10 . 20 1 0 10. To!!! 20. .. 11... 10. . (nd'a Steel 5a 4.. . 0011 In Act' Cor 5s 1 .... 78U 4 . .. 70',; 1 .... "Oil 1 .... 70i 1 7014 9 .. . 70i 1 M Marino 6s1 2 881,4 10 88 1 . .. SOU Iowa Cent'l 4a 1 .... 30 1 . . 30 D of Can '20 1 S8'4 88'i Kan C A S 3a 50 3U4 IS .... 60i 1 . . r.o; Kan Cy Term Uwy 4a 1 .... r.8', 2 V 7. ... 0JI4 Lack Steel 2j 7... . 02i Lack Steel '60 7.. .. 8ft 0 ... 00 10.. . 00 L 8 Sf 3 4s '23 3 . .. 8O14 2 ... 801, 2. .. 70T4 1 .... 80 L A Sbera 7a 102 it.,. .... 1.... I..., I... I 10.... 8.... DO.... ' 1.... 7.... 1.. . 3. 1.... 1... 1... 0... 1... 6... 3... 8. . 10... 1... 6... ft... 101',! 101 U 101H 101 ',1 101 li 101U 101't 101U 101'i 10m 101'i 10i?A 1011.4 101 H 101 H 101. 10t4 1014 10W4 101 H 101U' 101S 10114 tout 101 H 101i 1014 101U Peoria 4) R In 1 l Poco coll 6a 3 60 U Pub Ser Corp of N J oa 0 A0 Readlns It 4a 1... ' 1 75 1 7Gi Readlnir Co J Cent Col 4a ft 8Ai 23. ... 85 1 8514 Ren Cuba 4 14 20 73 ncp'o of Cuba 5a or 'U 10 901.4 RI AA L4H 1 01"i 1 l'i 1 Ol'i St I. I M A S It O DV 4a 2 03 i 2... . 0344 St U A 3 P R) 4 60i 10 67 1 87 1..;.; 67 4 57 St L- a a r In 8 43 "4 1 44 10 441,4 1 45 1 44 7 44 StLaS Fran Serlee A CREDIT CONTROL THE BIG PROBLEM Rosorvo Bank Limiting Advances to Commercial and Indus trial Usos 4. 10.. 1.. fii! 1.. 1. 5.. 1. . 0.. n.. 0114 (Louis A N 4s 111 nt'.i 114 04 ot 04 9i',t 114 04 01 Chi das I.lcht S. Coke Co 3 40ii C ft-O V'n 4a 3 1H 2 51S Chi A Urlo It R lata 1 72 Chi M A St P 4a of '25 2 72 !i Chi M A 3t P I 4a 1 54 Chi M A St P cv 44a 3 0J, 2 314 2 04 1. . At Chi it A St P gm 44a 1.... 73'i Ch lilt A 3t P cv 5a 1. . A3V4 Chi A N V 4a 2 07 Chi A N Weal fit 4a 1... S5 C It I A P fd 6 .. 631 Chi St P SI A Omaha 6a I.... 84'i C W Ind 4j 2... . 58 Chile Cop'r As '10... . 75H 6 75 2 751 Chile Cop'r 7a 1.1. . mi 1. OD'i City Bord'x fi 1 ... 8714 1 . 87 , 1. 87!. City Lons Us 1 87tj 1 87 City liar's 1 ... 87 'i, 1.... 87 City NT 4a '68 I . . 83 City N Y 4 1.4 a May '57 4 . 04 C of N Y 4lili ' Nov '67 I 94 1 . 01 City NY4 i.i 00 1.. . 8-14 CityNT4i4 A.l 1 U4i,i City Parla An 0 . . 80'i L. A... . 00 4 90ti 4.:... 80U L l.w Q0 3 . . . bU hi Cons'd Gaa 7s 00 00'i 00 1. 100'i Copenh'n ', 4. .76 Cuba O Sue cv 5 Uil .1 ... , U LAN Mono Is 2 . Sh, 1 . 594 Mid H A O 6s .1 . 80IJ 2. . . 801. 2.. . SOU A . SO'i Win A St 1. 4s 3... . 88 ; Mln St P'l 3 Slo Starts til 3 ... 78 7 ... 73 Missouri K C A Texas 4s 2 . .53 1 53 3 . . 53; Mis Pac cm 4s 624 52'4 62 03 58 82 6214 1 62 St I. A 3 Fran Serle H 1... 034 St I. A S Fran Scrlea-C 1 ... 83'! 2 ... 83 8 83 Stl. A SW 1st 5 . . tiO',4 Sra'd A I. aj 10. . 31 . . 33M 4 . 33'. S'n, Pacific cv 6 . PS'i 16 . 08i So'n PaclOc fd 5 C9 3.. . 701, 1.. . 701. S'n Pacific 4s 1. .. A2i 1 .. . U2. 4. 82'. So'n Pac cv 4 s 10 . . 98 1. . 95. S'n Tao cv 5s 10... 98-4 10.. 08. 1 08', 2 08H 10 98'. So'n Rail' Is 13 5.1 1 .': 1 55 S'n Rall 5i 8 78 1 78', Texas Co As 10 lot's Union Par 4s 2. 10 2 79 Union Pao s A 07 Vi 4 . 97H 2 . 97i.s 3 . 7'4 .1 . 97 i 5 97 V K ll B 1 "21 TI10. nliorlntp of ennitnl and a l-arrc- spondlnR reduction fu the volume of uutd credit available occasioned by the war, have made the problem of the dis tribution of credit and the control of its use in the United Htates today the icauing economic proDicm with which we have to deal, according to Dr. H. Parker WHIN, director of thn dlvlalon of analysis and research of the Federal Ilescrvc Board, in an explanation of his Hlddrcsn lastTtlesdov before the N'ntlnnnl Association 01 Hosiery and Underwear .uanuiaciurcrs in this city. Doctor Wil lis's explanation is an earnest plea for the economic use of credit ns nnnnseil to the danger in its present uneconomic use. It is also a plea for n return to first principles announced at the Inaugura tion of the Federal ICeserve system to limit credit primarily to commercial and industrial uses. uoctor wans eays that many 11 thoroughly nubllcKniritptl hnlneu mnn. in his intentions and policies lacks the iniormauon to enable him to adjust his credit demands tn the glttintinn .l.tlnv in his branch of trade because he can not get It, and he calls the attention of I such business men to the fact that the importance of such Information has been Impressed on the Federal Reserve Board especially since the war. It has. therefore, inaugurated a sci entific study of business conditions and of credit analysis by 0 system of re ports from all districts 11s well as through regular conferences with repre sentatives. Doctor Willis emphasizes that these reports must not be sporadic or imagi native, but must be actual -fact infor mation. Information of that kind ton be ob tained, ho said, only through the co operation of the business man. Xo sound banker shonld desire to pry into business secrets, much less to make known to others secrets which have come into his possession in the course of his professional occupation. He does desire to know general conditions and to adapt his policy accordingly in his treatment of special cases. The Federal Reserve Board asks only such reasonable co-operution nti the part of business, men os they can give with their present records and without undue inconvenience and injury to themselves. It believes that u great service will be rendered by organizing business knowledge, by analyzing it. by showing its bearing upon existing prico levels and problems of production, and by using the knowledge thus gnined in assisting the distribution of credit to those regions and industries where it is most needed. It merely asks that business men shall understand the purpose of the undertak ing and then grant It such co-oneratton and aid as their 'belief in its utility and benefit warrants tucm in giving. There was Utile talk about the Bead ing segregation in the financial district yesterday. Many believe the corporation will be granted n long time to separate the component compnnies. and they are also of the opinion that the. stockhold ers will share a good-sied melon when it comes along. A number are of the" opinion that a long time will not be necessary to segregate the companies: in fact, they claim that in all probability the work has already been done by the Reading Co.'s experts in anticipation of the decree of the Supreme Court. that the stock market .would have been bullish, seeing thnt the prcUlctlong of violent "May Day" in the ranks of labor failed to materialize. There was, therefore, a good deal of disappoint ment in many brokers' offices when prices sagged in a listless, uninterest ing market session, Some very con servative houses were Advising clients to take advantage of th? low prices and buy for a rise, which could not fall to materialize. The conditions of credit throughout the Unltcfl States and the strenuous efforts being mode by the Federal Ro servo system to reduce inflation were said yesterday to be the reason for the depressed conditions In the stock mar ket. Thcscnior partner of a largo banking and brokerage house was asked If he shored in such nn opinion, and he nitlMcIv renlled. "Indeed I do." He then cvc as one of his reasons by saying that only a few minutes pre viously n business man who carried an account of several thousand dollars with bis firm for many years told him he must close it out, with regret, ns he said he had not a fault to find with the treatment he had had. but his business dema'nded the cash and he had exhausted every other means of securing It. This banker said from his contact with other brokers he found that, such instances arc very common recently, nqd are increasing. lie found fault with tho high dis count rates charsed hv the Federal Re- scrvo when, in the opinion of himseff' and. many others, they should not exceed the rates charged by the liantt of Kng land. v. 'teACkOYOURI10Nt' AS( TM NCCtSSITICS ' SOU TM ADVANCtMCNT wr .,ifc'-ow' i r LOCAL MINING STOCKS TONOPA1I STOCKS Rid 1iK Cash Roy OA .OS .Tim Rutler 17 .10 MRcNemam ft ,V Midway 10 16 Mlzpah Ext 10 .1.1 Montana 11 19 North Htar .04 nit Rescue Eula .17 .10 Tonopah Kxt IS l' TVeit Khd 1 '4 1 West Ton 04 .06 DlVIDtJ STOCKS Allied Divide 01 .na Alto Dlvldo 'HI .in Helcher "" .'is Reich Ex 07 nn Ren Ilur 07 08 1 1 rou Kh Divide 'i J. Dlvldo i:xt la Dlvldo Syndicate 0 na Divide Con 02 08 Dividend 07 in Hast Divide 02 03 llnrmlll it Hatbrnuck Divide 02 .n4 Hlsh Divide 01 .lib Revert Divide 07 .10 Reno Divide ot .03 Rosettu, HI 03 Sliver Klnir 0.' .03 Tonopah Divide lit 2.V Tonopah lUsbrouck 07 10 Vlrtory Divide 11 .13 Verde Dlvldo 04 00 Zone 21 .23 OOLDKIELD STOCKS Atlanta 01 03 Rluo Bull 02 03 Rooth 01 .00 O O D 02 03 Comb Frac . 02 03 CrackerJack 12 .1., Dlamf B II 0 2 Daisy 01 .A3 Klornnce -'(1 . .. doldAeld Con "8 10 Ooldfleld Merger 02 .03 OoldfleM Dev 0. .10 Oreat Rend J .W Jumbo Kxt "A .'8 Kewanas "2 .3 Lone Star oj 11 Oro ol n- Red Hills 03 04 Silver Pick "8 ' ' Spearhead 01 .ufl MISCELLANEOUS Amparo ." s Arizona United 1 -' Eden ..,' .. Mother l.odi - ;; Nevada Hill "f- !!2 Nevada Rand -' - Wllbert . .'. "P "n Nevada Wonder J-' - Tv.pa Mlnlnu nj 1. IVhIU Caps i0 '- RAILROAD EARNINGS CANADIAN PACIFIC 1P20 liirr-ai." T-ourth ek An 11 JiJ2-?S!! .liJ.I'lS!?. From .Tinuarv 1 . 57 o'.anon 0 H2 noil v. SIAIRII KHOONia NATION'S COMMON CARRIER THE traniition from the Prairie Schooner of tne Forty-niners to the Limited of today, h not matter of inventive genuis alone. It is equally a matter of financing. The vast sums neceuiry for the develop ment of our railroad system to its present completeness and efficiency, have been raised, in large part, through the sale of bonds. Halsty, Stuart cs" Co. through the outright purchase of the bond issues of established Governments, Municipali. ties, Railroads, Public Utilities and Essential Industries, has on the one hand contributed largely toward our civic and industrial progress and on the other, through the distribution of these securities, fostered the spirit of conservative investment by providing investors with safe, productive channels of investment for their surplus fundi. hundtnz invitlen trill find in eur turrtnt tfftritig lilt a tiide ulectitn tf Gtvtrnment, Municipal, ana Ctrptratitn Btnit utitablt in maturity, denomination, andyltlJ tt mitt thtir individual rtjuirtmtnti. It will he tint upon rejueittr Circular px 1. HALSEY.STUART&CO, INCORPOmTCO svcetssoKe TO n. w. HL&tr & co.. Chicago LAND TITLE BLDG., PHILADELPHIA Ttltphent: Lotutt 4620 1 1 1 Chicago rjew yomt. boston ocmorr CT. LOUIS MINNEAPOLIS MltWAUKCC The Federal Income Tax necessitates an ao rurate record ot your securities and their productive incomes our LOOSE LEAP SE CURITY RECORD may be used (or recording all your tionda, stocks and rnortgaEes. Wr hall be glad to send you a copy, without cost , or obligation, if you will write tar Hook FA II M vj. i R21, 02', 02 14 n2K "2'i S2i; .1214 12 , ft 5 1, 3 1 OS'. 0.1 1. OS's nn o.v. n.i o:.'i 1 ... l( 8".. f( 2.- . it ion.. 1 1 . . o . 3S,... Missouri P Cs 10 nns Montreal Tr'y! Co Rs 2. . . 71' Mon'a Powr 3s 3 SlTi New O Tex & Metlco 4a 2 .. . 61 N T Air II a 1 . . 90. N T C t II II R R 3Hs 3 62", 2.. .. 3'i e c 11 r RR No ea 1 . . M U N T C 11 R R R 'An 1 .. 70H N V C t II II R R tH K.. 87 , :i R71, 1 M'i N Y Chi Si St L D 4a 07"4 N Y Light 11 i. Power 4s 4.. .. 60 li New Y New II & Hart Os 1 . . 00 I . .00 N T Rlywa 3a 1. N YTel'a 4'ii in. . 741, 1 . 74U 2 . . 71U 3 7 IU a.. 74. N Y Tele's Os 80 Nort'k S'n RR Co cv 13. .. 07 Norfk t W Is 1. . . 110 A HO S & IV cv As 0 . . 0.1 'i 5 . 06U N'n I'aeirto 3s I ROU . I .. ROU 1 . not, 1 .10 i 2 noi., N n Pacific) 4 s 1 . . 70 a uvu; N S I Co B 2. 74 fi O 3hort I 4 s 1-,.. 77 , V,.... TH J Emp. G. &F6s. 1924 and 1926, It wna generally oipcrtcil cgtfnlny Il. & 3. K. OC L., OS and OS, IViiU I l N. Y. Central Lquip s, var. mat. ; I Penna Water & Power 5s, 1940, Pcnna Railroad 7s, 1930 ! Phila. Elcc. and U. G. I. Notes Phila & Sub. G. & E. 5s, 1960 John Wannamakcr 4J2S. 1923 i ' Locust I0I Land Title Bldg. Hawllt U K O U & I icts ot '22 (1. 03, 1 . 03 ' 1 03 2 031!. I tl li G 111 1 ! rets uf . I 1 . Ol'i 2 !l I 2 . 01 'i I UKOBI 37 1 S.1 i s;. l &:; 1 ss v sa Union Tac cv e. . 601, U S Realty (Is 1 . SO', 1 SI 3 "1 U 8 Mexico .Is .1 31 2 3 1 V R Hsn I'ran unet 4s 8 23 II S Rubbf .Is as na gnu (I6U oar; o'.t 0i4 n 811 i hlcel Hi Of. OV, 03i, 03', 031. 03ij 03 03 1131'j 'PS', 113' 113' 1 . .. O.Hw 03 '7 0.1', nii'S 113 ', .13' n3'i iili 03 S 03 03 03 Utah I'll- 5 4. 7.1 1 . 7r. 1. 7ft Va Os R U ct's 2 . 04' VIru'a 'Rys as a 7.1 3 73 1 78 West'n M it 4s 8.. 40 West'n U 4i,i 1 .. 73 Wilson Co cv l.n.. 87 t.,,.. 87 1 v s H 1 13 1. 1 1.1. 1 I I 10 3 r l l r. a n 1 4 1 I 1 3. 3 lVm.VViarfon,r.(SeeCo.,tfjslor;,'a. Wesfintfiouse, Church Kerr & Co. Engineers American Industrial Roofing Tile Wc frequently finish Ameri can Cement Tile roofs before side walls are up. As soon as the steel framework is ready our roofers goto work. "Speed" is the watchword, and "on time," the record for eVery job in more than IS years. Complete infor mation on request. LementTileMfeta 404 Bulletin BlcJff Phil. BO Church St. A01 Otis Bldi. NawYerk Philadelphia 809 Brown-Marx Bldf. Birminiham . j j '. M'o have for sale: 1 Autocar Co. 6s ' Sun Co., 6s North. Ind. G. & E. 5s South Shore G. & E. 5s . Reed A. Morgan & Co Wci End Trust Bldg., Phila. Members of tho I'hlla Mock Uxch V - ' ' ' SOME FINANCIERS THINK A VOLCANIC BUSINESS ERUPTION IS IMMINENT AND THAT FINANCIAL CREDITS WILL BE SHOT TO PIECES IT'S not the first time it has happened. A period of slow payments and bankruptcies usually follows that of unusual business activ ity, Ubor independence and high prices. When the tide turns look out for trouble. Then' when you need something more than mercantile ratings and commercial assurances. The "London" Guarantees you against loss. It eliminates credit i orrics, assumes your losses, pays promptly and without quibble. Better iuvestiK.nc and protect yourself now rather than have regrets later. OUR SUPEtV SERVICE Losses Paid In AmcriconQuTcncy t AT YOUR. SERVICE fhone Lcmb-rJ 401b Established Eirtticcn Sixty-nine LONDON GUARANTEE AND ACCIDENT COMPAN Y LTD. R. A. 1RV1NU. General Agent rHILADtLnilA. PA. 8:0Lilacttr Bldf, 1 TO THE PUBLIC: ' Heuarr nf nurrhuslnc 1'nlled Hn. A KJrr. ot Itulln, l'u tWi. R" llondn for XI, 01)0 tach. .Nhk. t ami 2002. Thmr Ilr.niU rrf slnl'ii in tho rrcrnt hank rnlilirr ut bnndr yprlnr. Mil. Notify Muckuliln, (.nod. rlrh l Co., lUltlinnre. Md. Lawrence E. Brown & Co. CERTIFIED PUBLIC ACCOUNTANTS Ifllli KKAI. KHTATK THDfiT BLIMI. InTrKtlxatr and a oast nrtnrrahlri and rorporallon urrou v. AImj nrrn.'re V. S, lifroma Tin Ileturna. NAVY RETAIL STORE OUTSIDE, NAVY YARD GATE Open from 9 A. M. to 4 P. M. t. 'i ww JurftyitrJ'ftj'6vii(rty tf?itw-tYsfteftKS reef dbafntr ' -jfy rafffC'.. 6rrttff't' d D.iryS'i't"H(?j AIlTtCLRH. Trnta, )ll 8'6"0MI' Cota. white rnantfl, mrtal.... llaakela, nallur Illankela, 60"x84" ilrab, wl. No. 3 Illonaea, middy, Nay blue.... Ilronma, nlilak Hruahea, hnlr llrunhea, aerub Ilrnatiea, alioe . Ilurkota, reinforced. xx. Iron Canraa, it" wld. wl. No. 1 1 . . OanTaa, 32" wide, t. No. .. Chalra, cump, cnnnii, oak nrm Cloth, 30 oi, oTercout, NaTjr blna , I Clntli, IS oa. auitlng, Nnty blue foata, rubber, Mnrlnc Hrawera, heaTy woolen nrawera, medium Ilrawrra, nulnaook Oocglca, auto, orange (laee... llata, rubber JackknlTea I.lnen, unbleacbrd, SO" wide. . Oilcloth, table. BV wide l'ollah, metal, 1 pi, can Hclaaora, fl" blunt Srrlm. t" wide Hbertlng, cotton, unbleached, 40" Slilrli, flannel, Nary Hnlea, half, leather Soap, laundry. 2 rakra for. . Sock, wool, lieaTy.. ....... Hocka, black, rnttnn Trnnka, fiber. 11x11)133 Twill, bleached. 40" wide.... Uitderehlrta, cotton ......... (Wrnut'ea Km FIIIC13 ;n.ou ra. 0.2 S " 1.75 " .2R " 6.9 " .40 " .80 " .IS " SO i . " .13 yd. .IB i 4.18 ea, 0.00 yd. D.2S " A.2H ea, .10 pr. 1.H.1 " .60 ' .80 " .7.1 ra. .60 1.2B jd. .64 " .20 ea, .SB " .30 yd. .S2 yd. 0.2.1 ra. .SB pr, .IB ra. .SB pr. 2.78 da, 0,0(1 ra, .46 yd. .60 e. AIlTICI.ns Indenhlrtit, medium .... t iidrrnhlrla, hemj ,.. llunllllK, uhltr. red, blur, green, S6" ilde Slmea, gymnnaluni Ticking 32" wide Illgglna, inrTrr, 1 ut Ilollera, cnrTr . nowl, large , Howie, wood, SViilOxlBH"-.. Iluxea, aplce lloara, pepper, 6Vx8xl0" Caniatera Cupa, china C'nlamlKra, 014" deep. rlenvera, butrher, "....,..,, I)(lllen, legetablr, rhlnu. . . . Dlahen, butter, cln Dialled, ment, 14" l'orka, nickel-all? er Vorka, rnrtlng, II" OrlddleK, ateel, 10x24" tlratera, licilf-rnund , Irona, ualllr Kettlea, tea, agate, 6 ot Knlvea, butcher, 6" Knlvet, mincing Knlvea, nlckelxllrer HnUea, aabatlera, H" Mnat grlndera. hand, 3.1b Meat law, IS" riatre, elilna I'ltchera, china 1'tntee, aluminum Tan, ronat, Sxt2x20" 1'nna, frying . . . . . . I'nm, aaure . ....', Tana, bake, 2Hxl3xl5" rota, 2 (t ' Tumblera, rut glaaa ,, Tnmbiar, giaas, plant filler. M.-. rx. I. SB " .31 yd. . 1.10 nr. . .48 Ml. 2,00 en. 3.00 " .23 " 1.00 " 1,80 " 1.H1 .80 " .18 " 1.0.1 " 1.6.1 " .02 " .41 " .02 " .14 " 1.(111 1.73 " .88 " 1.63 1.25 ..111 " .80 ' .lb " .00 " 8.75 ' 1.38 " .17 .48 .50 " .S3 .10 1.70 ' SB .10 .25 tl " U. S. Liberty Bonds All Issues Bought and Sold $50$10O $500$1000 Graham, Parsons 2k Co. (IB CHESTNUT STREET Philadelphia l Baldwin Locomotives Advertise Philadelphia Visitors to Philatlelphin from all part of tho world always ask to see America's ureatest relic tho Liberty Bell. Invariably, thc.e same visitors, especially thpso from torrifrn lands, ask to bo shown tho plant where were made the locomotives in uso in their own countries. The more than 53,000 RaWwin Locomotives built to date l aro very materially advertising Philadelphia every The Baldwin Locomotive Workr ' t ' it'" i S ' M 4 a f-Ti V 3 -i? tl irt?,. -ti jW.